80 FR 72490 - Proposed Collection; Comment Request for Form 5213.

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 80, Issue 223 (November 19, 2015)

The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 5213, Election to Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit.

[Federal Register Volume 80, Number 223 (Thursday, November 19, 2015)]
[Notices]
[Page 72490]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-29563]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 5213.

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Form 5213, Election to Postpone Determination as To Whether the 
Presumption Applies That an Activity Is Engaged in for Profit.

DATES: Written comments should be received on or before January 19, 
2016 to be assured of consideration.

ADDRESSES: Direct all written comments to Michael Joplin, Internal 
Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Kerry Dennis, 
at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the Internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Election To Postpone Determination as To Whether the 
Presumption Applies That an Activity Is Engaged in for Profit.
    OMB Number: 1545-0195.
    Form Number: 5213.
    Abstract: Section 183 of the Internal Revenue Code allows taxpayers 
to elect to postpone a determination as to whether an activity is 
entered into for profit or is in the nature of a nondeductible hobby. 
The election is made on Form 5213 and allows taxpayers 5 years (7 years 
for breeding, training, showing, or racing horses) to show a profit 
from an activity.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 3,541.
    Estimated Time per Respondent: 47 minutes.
    Estimated Total Annual Burden Hours: 2,762.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: November 10, 2015.
Michael Joplin,
IRS Reports Clearance Officer.
[FR Doc. 2015-29563 Filed 11-18-15; 8:45 am]
BILLING CODE 4830-01-P